Thailand will export 800,000 tons of palm oil in 2024

Thailand is planning to export 800,000 tons of crude palm oil in an effort to stabilize the price of locally produced fresh palm nuts, which have experienced a significant increase after an oversupply in the market. The country has already exported around 400,000 tons in the first half of the year and is projected to export the same volume in the second half. The export market is primarily India, and the department has forbidden unreasonable price cuts and required daily reporting of plant activities to prevent exploitation of farmers.

Thailand plans to export 800,000 tons of crude palm oil this year in a bid to stabilize the price of locally produced fresh palm nuts, the Bangkok Post reported. Wattanasak Sur-yam, director-general of the Department of Domestic Trade, said local prices of domestically produced fresh palm nuts have continued to rise, surpassing 5 baht (5.6 grams) per kilogram after falling sharply in April and May due to an oversupply in the market. He said the department has a plan for further exports to reduce oversupply, which should help boost palm nut prices. Thailand exported about 400,000 tons of crude palm oil in the first half of this year and the same volume is forecast for the second half of the year. The demand for crude palm oil for domestic consumption is 110,000 tons, 120,000 tons for biodiesel production, and 800,000 to 900,000 tons for exports, with India as the main market. Thailand has 300,000 tons of crude palm oil reserves. According to Mr. Wattanasak, crude palm oil from ...